November 15, 2013 Friday Rate Sheet and Market Commentary _ Courtesy Tony Guaraldi VP of Mortgage Lending
As we had hoped the Mortgage Bond markets bounced back this week recovering some of the losses from last Friday’s Jobs Report. The highly anticipated event for this week was the Confirmation Hearing for our new Fed President Janet Yellen which took place yesterday morning. She is perceived to be “Dovish” which in our world means likely to continue the stimulus that has been keeping interest rates low and the stock market rising. In her Q and A session at the hearing she did say as expected that the Fed would continue the bond purchases until the economy improves. She did also mention that she believes the real unemployment rate is closer to 10% rather than the number from last week’s Jobs report at 7.3%.
CLICK HERE for the November 15 Mortgage Rate Sheet.